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HNIs in the dock
High net-worth individuals’ (HNIs’) wager on the Mazagon Dock Shipbuilders IPO will pay off if the shares of the state-owned company more than double during the trading debut. After factoring in the huge oversubscription and the eight-day interest costs, the breakeven cost per share works out between Rs 290 and Rs 315 -- more than double the issue price of Rs 145. HNIs have placed bids worth nearly Rs 45,000 crore on the IPO. The HNI category of the shipbuilding firm’s IPO was subscribed 679x and overall subscription was 157x. “After making money in last three IPOs, HNIs have got very aggressive. It remains to be seen if their bets will pay off again,” said an analyst.
